Morocco’s Central Bank, Bank of Russia Sign MoU to Strengthen Bilateral Cooperation

The Bank of Morocco (Bank Al-Maghrib) and the Bank of Russia (Central Bank of the Russian Federation) have signed a memorandum of understanding (MoU) to improve and expand collaboration between the two institutions.

According to a joint press release from the two banks, the agreement involves the sharing of information and experience in numerous areas, including devising and implementing monetary policy, macro prudential policy and financial stability, and establishing systems and methods of payment.

The Memorandum of Understanding, which intends to create and implement financial inclusion measures, also covers anti-money laundering and counter-terrorist funding.

Abdellatif Jouahri, the Wali of Bank Al-Maghrib, and Elvira Nabiullina, the Governor of the Bank of Russia, signed the deal.